Fuel price increases allowed to prevent shortages – NPA

The Director of Communications at the National Petroleum Authority, Mohammed Abdul-Kudus, has stated that his outfit has allowed Oil Marketing Companies to adjust prices outside the stipulated pricing windows. According to him, this is to prevent fuel shortages in Ghana. The NPA attributed the increase in the price of fuel to the depreciation of the cedi. “Given the fact that the products are actually bought from the world market in dollars, anytime the dollar changes, it affects the character of the pricing,” he is quoted by citinewsroom.com. He further said: “Yes, we ought to have been operating with the two weeks window framework, but because of the volatility of the cedi against the dollar, and the fact that you ought to be a little flexible with what will be established with the windows within which the prices are supposed to be varied.” The price of petrol and diesel has increased to GH¢17 and GH¢23, respectively, at various fuel pumps in the country. Watch the latest episode of BizTech below: SSD/FNOQ